Gen Z and Millennials: Betting on Inheritance?
- Alex Shairp
- Dec 29, 2025
- 2 min read
WHY IT'S TIME TO TAKE CONTROL OF YOUR RETIREMENT
Retirement might feel like a distant concern when you're in your twenties or thirties, but starting early is the key to financial freedom later in life. The sooner you begin saving, the bigger your pension pot will be when you retire.
INHERITANCE - NO LONGER A SURE BET
Recent data (from Standard Life) shows that around 25% of Gen Z and Millennials aren't planning for retirement because they expect to inherit money or property. But with rising care costs, longer lifespans, frozen tax thresholds, and changing inheritance tax (IHT) rules, relying on inheritance is a risky strategy.
The timing and value of in inheritance are never guaranteed. This could leave a serious financial gap when you need it most.
SAVING DOESN'T HAVE TO BE TAXING
Even if you're saving for other big life goals, like buying a home, try to set aside a dedicated amount each month for your pension. Regular contributions over time benefit from compound growth, and you can boost savings with lump sums from bonuses.
Don't forget the government's role: each pension contribution (up to 100% of earnings and within the £60,000 Annual Allowance) benefits from tax relief. That gives your savings an instant boost.
MAKE YOUR PENSION WORK HARDER
Here are some practical tips:
Start early. Small, regular contributions compound over time.
Max out employer contributions. Take advantage of workplace pension schemes.
Combine old pension pots. Consider whether a consolidated pension plan would be lower cost and easier to track.
Think long-term. Pensions are investments for the future, so don't panic over short-term market dips.
THE BOTTOM LINE
Don't rely on inheritance or anyone else to fund your retirement. Nothing is guaranteed. Taking control now means financial security later.
READY TO START BUILDING YOUR FUTURE?
Contact Blackmount Private Wealth today for expert advice on pensions, investments, and retirement planning.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.
